American finance giant PayPal is all set to launch its cryptocurrency service in the United Kingdom. The online payments giant made an announcement on August 23, 2021 that the new service will allow the British customers to hold, buy and sell digital currencies starting from this week. The service was first launched in the United States and the fresh announcement has marked the company’s first international expansion. The crypto service was launched in the United States in the month of October, 2021.
Jose Fernandez da Ponte, the general manager for block chain at PayPal for digital and crypto currencies informed that the service was doing well in the United States and are expecting that it would also do well in the United Kingdom as well. The crypto feature of PayPal will allow the customers to sell or buy bitcoin cash, bitcoin, ethereum or litecoin with just as little as £1. The users will also be able to track the crypto prices in real time and they will also be able to find educational content.
PayPal will be depending on Paxos, which is a digital currency company based in New York that enables crypto buying and selling in the United Kingdom. PayPal has also said that it has joined hands with some of the relevant regulators in the UK that would help to launch the service. UK already has Revolut which is also a crypto service but the PayPal users will not be able to move their crypto holdings outside the app as it can only be done in Revolut. But Revolut has recently started to test a feature that would allow the users to withdraw bitcoin to their personal wallets.
PayPal explained that it is launching the service to make it easy for people to be a part of the market. Da Ponte added that the tokens and coins have been around for a while now, but for that the users needed to be significantly sophisticated to have access to it.
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